United Overseas Bank (UOB) analysts Quek Ser Leang and Lee Sue Ann maintain a constructive outlook on the EUR/USD currency pair after the euro held near 1.1680 and tested the 1.1710 level twice in recent sessions [1]. In their intraday analysis, they anticipate modest easing within a range of 1.1645 to 1.1700, but over the next few weeks, they see scope for the euro to move toward 1.1725, with a broader technical roadmap pointing to 1.1800 and then 1.1850, provided that the 1.1615 support level holds [1].
On Thursday, the euro rose to 1.1710 before easing to close marginally higher by 0.01% at 1.1678. The following day, the euro edged to a high of 1.1711 and then closed largely unchanged at 1.1679, again up by 0.01% [1]. The analysts note that while upward momentum has slowed somewhat, it is too early to expect a significant pullback, and they expect the euro to range-trade between 1.1655 and 1.1715 in the near term [1].
For the 1-3 week outlook, UOB reiterates their positive stance, highlighting that only a breach of the 1.1615 support level would indicate that the upside risk for the euro has faded [1]. The analysts' technical view suggests that, barring a breakdown below this support, the euro retains upside potential toward 1.1800 and possibly 1.1850 [1].
No specific market reactions or broader implications are discussed in the article, nor are there any direct quotes from other analysts or forward-looking statements beyond the technical outlook provided by UOB [1].
CONCLUSION
UOB analysts remain positive on EUR/USD, projecting further upside toward 1.1800 as long as the 1.1615 support holds. Near-term trading is expected to remain within a defined range, with no significant pullback anticipated at this stage. The technical outlook supports a constructive bias for the euro in the coming weeks.